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More businesses and high net worth individuals have been assisted in moving to Guernsey during 2017 by Locate Guernsey, the States agency which promotes the Island as a place to live and work. The agency is describing their 2017 results as ‘strong’. 24 relocations took place in the 12 month period assisted by the agency.

Locate Guernsey is part of the Committee for Economic Development, whose President, Deputy Charles Parkinson, said, “For the Open Market and indeed for the Island economy, bringing wealthy individual and corporate newcomers into Guernsey is vital. The Open Market has seen lower activity levels than it would like for many years, but in late 2017 and early 2018 we have seen some encouraging signs. Locate Guernsey has an important role to play in keeping that going, as it does with the move to Guernsey of businesses, primarily export-facing, that will create new job opportunities for Islanders.”

In all, 24 relocations were secured with Locate Guernsey’s help in 2017, made up of nine personal relocations and fifteen businesses (creating 53 new jobs). In all, a value of £667,000 was returned to the States of Guernsey exchequer through income tax and document duty receipts. This number, combined with the value of those relocations secured in 2016 means that after two years, £1,692,000 has been received by the States which is a sum already greater than the agency’s three year budget of £1,200,000.

Andrew Carey, the Head of Locate Guernsey, said:

“Obviously it’s really pleasing that the financial return to the States has been so positive, but the impact on the wider Island economy is also very important.”

“There are many parts of the Guernsey business community which are also beneficiaries of increased economic activity. These include professional services firms such as accountancy practices, wealth managers, tax advisors, estate agencies and law firms. But the benefit is wider still, with the hospitality and construction sectors for example also seeing spend from newcomer families and businesses.”

A spokesperson of the Guernsey Property Forum which represents estate agencies and law firms with a strong stake in the Open Market, said, “The establishment by the States of an agency to promote moving to Guernsey, and, for example, the setting of the new lower tax cap for some Open Market residents, is a sign of serious intent but it needs to be just the start of continuing initiatives to secure High Net Worth incomers.”

“I’m pleased to record the support that Guernsey’s business community gives to Locate Guernsey and it recognises the fact that the relocations it assists are all positive for the island’s economy.”

“Locate Guernsey has made steady progress from a standing start and there’s an expectation of some real momentum developing from these promising beginnings.”

In addition to its promotional work, Locate Guernsey also provides a single point of contact within Government for enquirers considering the Island and those actually making the move. “Our relocators tell us that this aspect is particularly appreciated,’ said Mr Carey, ‘as Guernsey is likely to be very different to the place from which they’ve moved. That guidance service, to answer questions, provide information and make business and social introductions is really helpful in getting people integrated into our wonderful Island.”